IPO

ITs in 2014: Narrowing discounts and an income focus

UK 'challenger bank' Aldermore is set to float later this month, with a share price which values the business at around £800m.

Challenger bank Virgin Money has announced plans for an initial public offering this month, committing to a progressive dividend policy in the process.

Lloyds Banking Group is to sell another 11.5% stake in its TSB business, leaving it with a 50% holding in what promises to become a challenger to the UK's existing retail banking industry.

Investors are set to snap up cheaper IPOs after a series of flops at the start of the summer, Unicorn managers Fraser Mackersie and Simon Moon have forecast.

Taxpayers lost out on roughly £1bn in the Royal Mail initial public offering due to poorly-priced shares, MPs have said.

Business Secretary Vince Cable has bowed to mounting pressure for an inquiry into the privatisation of the Royal Mail, ahead of a critical report due on Friday.

Twenty investment trusts have scrapped performance fees so far this year as pressure from open-ended rivals causes boards to take action.

Fund managers are turning away from the IPO hype which has seen many companies list this year, to concentrate instead on ‘overshadowed' mid-cap stocks.

Ian McVeigh and Steve Davies, managers of the £1.1bn Jupiter UK Growth fund, have said domestic investors should be wary of a number of ‘disruptive events' which could impact share prices over the next 12 months.